In Summary for future reference:
When you motor doesn't start, put a little fuel in the cylinder holes and if it coughs but then dies it is most likely a fuel deliver problem. Carb, fuel pump, air leak, fuel line or fuel tank. If it coughs, starts and then runs great afterwards, it is probably a choke issue. Maybe link and sync.
If it does nothing like yours did, it is a spark or compression issue. Since your compression numbers were fine the problem was then narrowed down to a spark issue. Since you had good spark with an air tester it was either a spark timing or your spark plugs were bad. Since you changed the plugs you should now know your problem was a spark timing problem. You see how that works. It's not difficult.
I did ask a few posts back if you might have reversed the spark plug leads, which would put your spark timing at the worst possible point, bottom dead center. Reversing spark plug leads can happen at the plugs or in your case from the wires from the flywheel. Either will keep the motor from running. Now you know.
Anyway, glad it is fixed and I assume you will be able to diagnose these problems better the next time...and there will be a next time. The fun with older motors never ends.